Cramer Remix: History made in the Lightning Round

Cramer makes history in the Lightning Round
Cramer makes history in the Lightning Round   

The market on Thursday had all of the right ingredients for a major bull rally. Even "Mad Money" made history when a participant in the Lightning Round called in from their Apple Watch! But Jim Cramer warned investors to be careful—sometimes you will get what you want, and you won't be ready for it.

It was a terrific setup that allowed the averages to roar, with just the right price for oil and the dollar, a dash of excessive pessimism and solid earnings. Cramer dove into each topic independently, so investors could understand why the market was able to rally.

The first thing that the market needed was for oil to stop going up. In one blink of an eye, it has an amazing power to drop $2. When the price of oil goes up, that's the equivalent of taking away an awesome tax cut for people. Of course they're not going to like it!

The second item that is needed is for the dollar to stay weak. If a company's sales or margins were hurt by a strong dollar that meant its stock didn't go higher. But the big chink in the chain was that the money from these big international companies was rotating into the restaurants, retailers and healthcare stocks.

The third positive attribute on Thursday was all of the bad news recently made investors pessimistic. Yes, that's a good thing! They expected stocks to go down on Thursday when Fed Chief Janet Yellen said on Wednesday that stocks were overvalued—and then they didn't.

"Just as I abhor big up-openings, I like it when the market's looking down big at the open. Then people don't get picked off. If you have your shopping list you can buy when others are panicking," Cramer added.

Read MoreCramer: Be careful! Bulls could go back in hiding

Jim Cramer on set of Mad Money

With the plummeting price of oil, one of the biggest beneficiaries to consumers having a few extra bucks in their pocket was the restaurant stocks.

For months they have been the hottest group in the market, but then when oil started rebounding a few months ago the group fell out of favor. A good example of this is Sonic, the burger chain with more than 3,500 locations across the U.S.

Sonic reported in March and knocked it out of the park with excellent numbers. However, its management provided conservative guidance ultimately causing the stock to get slammed. Could this pullback provide an entry point to do some buying?

To find out, Cramer spoke Sonic CEO Cliff Hudson.

The CEO listed among Sonic's strengths a unique menu, its creative team, service, made-to-order food and a national media presence.

"All these things continue on, they were great on the roll through the winter and they continue to be on the roll this spring. It's very much part of our DNA, so our business is very healthy in spite of the stock moving around a little bit," Hudson said.

And it's not just the restaurant stocks that have been suffering. The market has been all over the place! It's up one day and down the next, which has now managed to create more than $2 trillion in losses in just two weeks. In Cramer's perspective, investors have two options—run for cover, or figure out what's behind it.

So what caused the rally on Thursday?

Some could say it was the rise in oil, the decline in the dollar, a strong back-up in European interest rates, or even the possibility of the Fed raising rates soon because of inflation or job growth. There are so many options!

But what really changed the game comes down to one thing for Cramer—Europe is getting better. And he doesn't just mean Germany, but also Spain,Portugal, Italy, France and all of those other countries.

Europe is getting better because the European central bankers created a situation where investors did not want to own bonds because they paid too little. Instead, investors fled into anything else that had greater value.

"The moves by the European Central Bank may have been unorthodox, desperate even, but they're working. Europe's gigantic economy is humming," Cramer added.

Read MoreCramer: Europe's back, baby—The perfect way to play it

Another stock in the restaurant group that has been a bit of a party-pooper lately is Fiesta Restaurant group; the parent company of Caribbean- and Mexican-themed restaurants Pollo Tropical and Taco Cabana.

Fiesta has been on fire since May of 2014 up until February this year, but was crushed when it delivered a less than perfect first quarter on Wall Street. Many investors fear that the growth of this chain could be slowing.

It reported again last Thursday and delivered a once cent earnings beat from a 38 cent basis and slightly weaker than expected revenues. But what really tripped up investors is that Fiesta did not provide any guidance, regardless of the fact that the results were better than many had feared.

Can it join the life of the party again? Cramer spoke with Fiesta Restaurant Group's CEO Tim Taft to find out.

"I think that one of the things that we have heard is that Pollo Tropical and your transactions have slowed down a little bit, and that was a cause for panic. We don't agree with that, and if you're a watcher of the stock you saw the same thing happen in the first quarter of 2013 for similar reasons," Taft said.

In a volatile market with daily swings up and down, Cramer always recommends the best way to deal with it is to stick with the consistent winners.

One group that has shown strong outperformance and solid fundamentals are the chemical stocks. OK, maybe it isn't the sexiest group on the planet, but those gains in your portfolio will feel pretty good if the charts are right.

To find out which chemical stocks are headed higher the "Mad Money" host turned to Bob Lang, a technician, founder and senior strategist at and a colleague of Cramer's at

According to Lang, the best charts are coming from DuPont, Dow Chemical, LyondellBasell Industries and PPG. This group has had some major call option buying in these stocks, which indicates that there is big money flowing into the group. Historically, when a sector gets this kind of attention from institutional money managers, that means some big moves are ahead.

Lightning Round history was also made, when a caller spoke to Cramer from his Apple Watch for the first time! Cramer also gave his take on a few caller favorite stocks:

Oneok Inc: "I'm not as big of a fan of Oneok as I was at one point. I think that if you want to be in this group, you want to be in either Energy Transfer Partners, Enterprise, Enbridge or Kinder Morgan (the C corp) not Oneok. It just doesn't have the growth that I used to like."

Horizon Pharma PLC: "I like Horizon, it has pulled back like the whole group but we know that they've got a great business model. I think it can go up over time, this guy's building a lot of great wealth. I think he's a winner."

Read MoreLightning Round: Sell this ASAP